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Accounts in Different Currencies

Account transfers may take place between accounts of differing currencies. If the source and destination financial accounts use different currencies, you will be prompted to specify both the Exchange Rate and the Exchange Rate Source.

Exchange Rate

The Exchange Rate is value used to convert the amount specified for the source account to the amount received by the destination account.

A validity check is performed against the value specified for Destination Amount. The form will automatically calculate an estimated destination amount and this must be within 0.05 of the value specified in Destination Amount.

Exchange Rate Source

The Exchange Rate Source is the origin of the defined exchange rate and is required for tax records. This rate will normally be defined by the relevant account provider.

Transfer Fees

Some account providers (banks etc) may charge per transaction fees for transferring funds in or out of their accounts. If any fee has been levied by either the source or destination account provider, enter the levied fee or charge in the Transfer Fee textbox for the corresponding account. The system will automatically create an expense for the transfer fee.

If a transfer fee expense is created, this expense will have to be manually marked as reconciled.

Editing a Transfer

A transfer record cannot be edited once it is created. If there are incorrect details, then the original transfer record should be deleted and and a new record created with the correct details.

Locked Transfers

A transfer is "locked" if it is included within any form of regulatory or tax return. For example, Corporation Tax or VAT return.

Once a transfer is locked it cannot be deleted.

Viewing Transfers

All Transfers

To view all transfers irrespective of the source or destination account:

Go to Market > Configuration > Financial Accounts

Click on the View Transfers button in the toolbar

The transfers list will now load.

Transfers In

To view all record of transfers into a specific account:

Go to Market > Configuration > Financial Accounts

Click on the menu icon next to the relevant account and select Transfers In from the menu.

Transfer Out

To view all record of transfers out of a specific account:

Go to Market > Configuration > Financial Accounts

Click on the menu icon next to the relevant account and select Transfers Out from the menu.

Deleting a Transfer

To delete a transfer:

In a list of transfers, locate the transfer you wish to delete and click on the menu icon